It seems Austin, Texas is a popular place for Californians to relocate. There’s a big Apple project under development there. Recent Bay Area employment data is supportive.
Total current (Nov-2019) Bay Area employment of 4,146,900 is 27,400 below the recent peak figure of 4,174,300. The labor force is 37,700 below the recent peak figure of 4,284,700. Job growth over the past three months was 40,800 versus 102,900 for the same period last year.
Bad news is starting to pile up around the housing and apartment markets in the San Francisco Bay Area. Let’s be real… markets go up and down. This may, however, be a reflection of weakness in the employment market of late. You can find recent employment data here. And recent home price data is here.
After a strong year-end burst of job growth, January 2019 started with a big, loud boom. Not a good boom… a drop of 77,900 in Bay Area employment. February 2019 saw some recovery, but the picture is a bit muddy. (See 2019 stats here)
Total current (Feb-2019) Bay Area employment of 4,118,100 is 56,200 below the recent peak figure of 4,174,300. The labor force is 43,600 below the recent peak figure of 4,284,700. Job growth over the past three months was -54,400 versus 7,100 for the same period last year.
This is the worst year-end/year-beginning performance in a long time. The tech companies keep leasing space in San Francisco and on the Peninsula. Maybe we will see employment turn up sometime soon.
Was at a large meeting today with appraisers from all over. Consensus about 2019? There is none. Lots of speculation about the direction of the real estate market in the coming months. We will have to wait and see.
Saturday was a glorious day for paddleboarders on the SF Bay… calm. It will be interesting to see if the real estate market follows that lead. See some demographic facts about Bay Area Counties here.
Welcome to 2019! Statistical data always takes a while to go from real world to data gathers to data analysts like me. Some November 2018 data is available for housing prices and employment plus full year residential mortgage rates.
It will be very interesting to see what the new year brings. Our past friend – 2018 – was a tale of two halves. Strong first half but it looks like we ran out of gas at year end. The bright spot, employment, broke out of its funk to end on a high note. Will it continue? Will people finally get tired of high Bay Area prices and just say no?